Most EV buyers are looking for cars that cost between $30,000 and $40,000, not the $100,000-plus that fully-loaded electric pickups can command
Two facts about the automotive world are immutable: Americans love pickup trucks, and the future requires drastic reductions in the environmental harm caused by passenger cars. Automakers, seeing these two truths, slapped them together and started selling massive, hulking EV pickups with six-figure price tags. Turns out, that’s not what customers want.
GM has the Hummer EV, Silverado EV, and upcoming Sierra EV; Ford $F built the F-150 Lightning, and Ram has its upcoming REV 1500 set to launch later this year. The big three have electrified those big sellers, but there’s one small problem with the plan: People aren’t buying in. Business Insider looked at the data:
Behemoths like the GMC Hummer EV and Lightning, with price tags that can reach six figures, aren’t resonating with the current EV shopper, who prioritizes value and practicality.
Where the Lightning is concerned, the truck’s early success doesn’t appear to be carrying over past the first round of reservations when the truck first went on sale in 2022.
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Expensive pickup trucks aren’t just a Detroit problem. Electric pickup truck pioneer Rivian $RIVN has also warned of slowing growth, and Elon Musk’s Tesla $TSLA already appears to be offering some purchase incentives for the Cybertruck.
A recent study from car-shopping website Edmunds shows that interest in electric pickup trucks only accounts for only 10% of current EV demand, while demand for electric cars (including wagons) accounts for 43% and demand for SUVs and crossovers comes in second at 42%.
According to that Edmunds data, most EV buyers are looking for cars that cost between $30,000 and $40,000, not the $100,000-plus MSRPs that fully-loaded electric pickups can command. Additionally, the prevalence of cars and wagons in the segment points to buyers who are truly concerned with efficiency. Where else are you seeing more folks buying sedans and wagons than crossovers?
American automakers have made some very popular EVs — I can’t commute to Jalopnik Global HQ without seeing a few Bolts and Mach-Es on the way — but the electric transition seems to have not yet come for the favorite vehicle of the States.
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